MIAMI BEACH The Setai Group, a New York-based development company, has delayed the ground breaking for its new $150 million Setai Resort and Residences here.
As previously reported by HOTEL BUSINESS., the 40-story luxury condominium tower and eight-story boutique hotel were scheduled to begin construction in February 2001. However, due to development requests from individual condominium owners, the project has been delayed.
We needed to finalize some plans, said Jonathan Breene, co-founder of the Setai Group. A lot of the condo owners wanted to combine condominiums to make bigger units. Breene said the group has already sold 80 of the 170 condo units.
Despite the slow-down, the group plans to move forward with the project soon, and expects the property to open on schedule, which would be at the end of 2002.
In addition, the Setai Group is also close to closing three other deals for new developments, all of which would be branded with the Setai name, said Breene. While he wouldn t disclose details of the projects, he noted the company s key markets for growth are: San Francisco, Los Angeles, New York, Chicago, Toronto, and the Bahamas. Previous plans to develop in Atlanta and Mexico have since become quiet, said Breene.
Singapore-based General Hotel Management Ltd., which is owned by renown Asian hotelier Adrian Zecha, has also agreed to not only manage the Miami project, but all of the properties branded with the Setai flag.
Adrian really dictates the look and design of the hotels, said Breene. He said all of the Setai resorts will offer Asian inspired elements, but was quick to note that they are not building cookie-cutter hotels. We ll look at each market and do something different, he said. (5/24/01) Diana M. Rodriguez